Average asking prices for property is rising
According to Rightmove’s September House Price Index, the average asking prices for property is rising and the market is seeing its lowest stock levels for 18 months, with 10 properties coming off the market for every 8 coming on.
The onset of the Autumn moving season sees new sellers asking an average 0.6% more for their properties. Rightmove has also recorded the lowest average stock levels per branch for 18 months, with 29% more properties coming off the market than coming to the market. The lack of choice in popular areas and high deposit requirements are combining to deter existing home owners from taking advantage of more buoyant market conditions to trade up.
Miles Shipside, commercial director of Rightmove, comments: “There’s an Autumn window for new sellers where a sensible asking price combined with this better market could get you traded up into your next home before Christmas. Some would-be sellers may be concerned by the limited choice of suitable property currently available, and will have to decide whether to take a chance on finding something fresh to the market after they have found a buyer.
This increases the risk and stress of moving, but with choice getting increasingly limited in popular areas they need to have a buyer lined up to improve their chances of securing their next home”.
The brisker market continues to erode stock levels as sold or withdrawn property is removed from the, market. One agent’s summary of trading conditions in August was: “Sales awesome, new listings dreadful”.
New seller numbers are averaging around 23,000 a week, giving a run rate of around 1.2 million a year. Historic figures from Rightmove show that potential buyers have previously enjoyed a choice from around 2 million properties a year. With 151,591 properties measured as coming off the market this month, it is easy to see why property scarcity in popular areas is underpinning price levels.
Tags: 1 Stop Financial Services, house sales, Pembrokeshire, property prices
